How is the physical inventory and control of fixed assets carried out in the company?

Name Author
Francisco Xavier Garcia Nava

Mechanical Engineer / Appraiser


For a company it is important to know and be certain of the number of electronic objects, machinery, furniture and other things that are within the company, since all this is known as fixed assets. 

Fixed assets are all the things that are being used by the company and that cannot be sold, so their use is essential for the company and it is important to know the state in which it is located, as well as where the asset is located. asset. 

Below we will give you a series of recommendations that will allow your company to keep track or inventory of fixed assets in an orderly and appropriate manner.

Do you know everything that is in your company's inventory?

A physical inventory It must be 100%, and involves all the fixed assets that are in the location, under a wall to wall base, remember that you must take into account everything, from electronic devices to the furniture that is there. Inside the company.


Do you have order when doing physical inventory?

For the registration of fixed assets, it is mandatory to register the following data: inventory number, description of the asset with its complete characteristics, brand, model, series, economic number, physical condition, age, location, status of use, asset account and country of manufacture.

It is also recommended that you have all this data condensed in a single place so that it is not scattered and you do not lose any, since they will help you to update the database each time you carry out the inventory. 


How to mark the company's asset in an inventory?

The methods to inventory the asset are from an electronic scanner with specialized software, to worksheets for inventory in the field, in the first instance. 

Another of the methods that is currently being used to carry out an inventory are QR code labels, since they allow a greater amount of data to be stored in them and make the inventory or control of assets easier. 

It is necessary to keep a separate record of the assets that cannot be tagged, due to their physical characteristics or because they are not visible.


Do you know how to be in risk areas?

It is essential to be careful with special areas, such as laboratories, cleaning rooms, confined spaces, biohazard or radioactivity areas, etc. In these cases, be aware of the security measures in place at each site and handle the instruments carefully. If you are in a biohazard area, remember to disinfect all the equipment you use and adhere to hygiene measures. 


What to do with assets that do not belong to the company?

It is also necessary to request a list of fixed assets that do not belong to the company, that may be under lease or that have been donated, and it is also necessary to know if there are assets that have been transferred, transferred, sold or written off as fixed assets. , to take it into consideration.

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What to do if a fixed asset does not appear?

If an asset is not located during the physical inventory, it must be located as soon as possible and recorded in a special incident report, especially if there is evidence that it could have been stolen.

Carrying out a constant review of the assets will allow you to know and know with certainty which ones are available, so that you can know when something is missing or not on your site. 


Give importance to the classification of fixed assets

It is important to take into account when making the inventory the asset account, that is, the classification by type of asset, furniture and office team, computer equipment, tools, machinery, transportation equipment, laboratory instruments and equipment, etc. Because each asset must be inventoried in a special way due to its characteristics, license plate data, capabilities and work areas.


Ask about the guidelines within the company

It is important that the company provides its guidelines and policies for fixed assets, each company considers the assets in a different way, mainly according to the acquisition cost of the asset and the capitalization date.


What is the most appropriate way to inventory the fixed asset?

There are situations where taking the inventory of an asset becomes complex due to the characteristics of the asset itself, for example, in the case of a manufacturing line capitalized as a single asset, but which is physically divided into several corresponding sections of machinery. to different processes and functions, in this case, it would be advisable to break down the different sections and integrate them into a single record but maintaining their unitary independence.


Is it convenient to use fixed asset management software?

He software to manage fixed assets, its primary objective is to track and control assets throughout their useful life, from the moment of their acquisition until the moment they are removed from the system, recording incidents or changes in the characteristics or maintenance of the assets. , is a decision-making aid aimed at contributing to maximum business performance and making month-end closures faster and more efficient.


An inventory is very important for your company, decide now to keep good control of your assets and in ANEPSA We can help you, write to us.

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